South Korea’s National Tax Service has said that from the year 2022, virtual assets donated or inherited will be assessed and taxed accordingly. Dunmu, Bithumb Korea, Korbit and Coinone are new virtual asset service providers (VASPs) tasked with evaluating digital assets for such tax purposes.
Virtual asset service providers tasked with evaluating crypto gifts
South Korea’s National Tax Service (NTS) recently announced that digital assets inherited or donated will be taxed from 2022, a report said. It said that such digital assets would be taxed on the average amount of each month before and after the date of commencement of inheritance or donation.
In a report by KBS explaining the upcoming changes, the tax body also disclosed virtual property service providers (VASPs), who have been tasked with appraising assets being inherited or donated. According to the report, these VASPs include Dunamu, Bithumb Korea, Korbit and Coinone.
get daily average price
Meanwhile, the NTS has been cited in the report detailing how the valuation process for gifted or inherited virtual assets is carried out.
We plan to value virtual assets traded on other exchanges at a value that is appropriately recognized, such as the daily average trading day’s price declared by the trading operator or the market price declared at closing.
With reference to taxpayers computing the average monthly value, the report said the average daily value of the virtual property inquiry service tool “will be provided on HomeTax. [NTS site] From March next year.”
What are your thoughts on the Korean National Tax Service’s decision to tax inherited digital assets? Tell us what you think in the comment section below.
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